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Life happens, from emergencies to unexpected set-backs to retirement. Savings are an important way to manage money and protect your family.

Savings are a very important part of managing money and protecting your family. It takes discipline and planning to save, putting off using money today in order to have money for future needs. For people on tight spending plans, saving may seem like an impossible dream.

America Saves Week is February 19-26. Take action and join America Saves today. When you sign up, you create and commit to a basic savings plan. You’ll also receive savings advice and information through newsletters and emails. You can test your knowledge of savings with our savings quiz, or use this guide to assess the current state of your savings.

Life happens, from unplanned emergencies and job changes to longer term goals. The first step to financial security is to understand the four different types of savings.

Emergency savings is money set aside for unplanned emergencies, like a broken appliance, tire repair, or travel to a sick relative. Each family or person must decide how much money to set aside depending on the types of unplanned expenses they might have. Use the AICPA’s Emergency Savings Calculator to estimate how long it will take you to build up your emergency savings fund.

Emergency income savings is money put aside to pay essential expenses if your income stops for a few months. This money should pay the rent or mortgage, utilities, car payment and car insurance. This money could stop eviction or foreclosure, or car repossession, until your income starts again. The Federal Reserve http://www.federalreserve.gov/ suggests savings one year’s worth of expenses in today’s economic times.

Goal savings let goals come true. Find out how much the goal will cost and decide how much needs to be saved monthly to reach that goal.

Long-term savings is money to pay for education or retirement. Retirement savings allow for a more secure retirement. Social security is not meant to meet all retirement costs. These savings will help you pay for medical care, housing and other needs after retirement. Estimate how much you should be saving with the Ballpark E$timate Worksheet.